ANZ’s sale of its life insurance and wealth business has attracted interest from Japan’s Meiji Yasuda and HK Based AIA. The business is valued at US$3.33 billion by the bank. Meiji Yasuda, Japan’s 3rd largest private sector insurer by assets is attracted to ANZ wealth business and life insurance arm. AIA could increase its exiting Australian business if it buys the ANZ business.

“ANZ’s sale of its life insurance and wealth business has attracted interest from Japan’s Meiji Yasuda and HK Based AIA.”

~Reuters

This is the second major move by an Australian to let go its insurance business. National Australia Bank recently sold its 80% stake in its life insurance arm to Japan’s Nippon Life for A$2.4 billion last month.